The Cape Town property market is always a hot topic of conversation fuelled by astonishing prices like the R290m reportedly paid for a Bantry Bay house last year.
“Cape Town is notorious for its high property resale values,” says Barrie Swart, Head of Property for leading online classifieds site Gumtree SA, “it can be extremely overwhelming for first time buyers to try and enter the market.”
The Gumtree Property Price Checker, which uses information from all active property listings on the site to judge what the average home should cost to buy or rent in any area, estimates that the average purchase price for a 2-bedroom property in Cape Town (including the wider suburbs) is just over R2.8 million.
The average price for the same size property is around R750,000 in Johannesburg, R820,000 in Pretoria and R680,000 in Durban.
For those looking to rent, the average price for a 2-bedroom place in Cape Town is just over R15,000 a month, compared to R6,600 in Johannesburg, R5,200 in Pretoria and R5,700 in Durban.
Swart says the Price Checker is a useful tool to provide guidance for buyers on relative values: “With over 32,000 properties listed on Gumtree SA we have the data to get a really good fix on the market in every major area”.
Browse property for sale on Gumtree.